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Billionaire Ira Rennert has attracted all manner of scorn for his 64,389-square-foot mansion in the Hamptons. But one group couldn't be happier: the local tax collectors.
According to an analysis by PropertyShark.com, Rennert has the highest property-tax bill for a single residence in the tri-state region of New York, New Jersey and Connecticut.
His property tax on the estate, which has an estimated market value of $248 million, is $649,281 a year. That's enough to buy at least two houses in most of the country—or a decent starter cottage in nearby Southampton.
The second-highest property taxpayer on the list is Bradley Jack, the former Lehman Brothers executive. His 20-acre, waterfront estate in Fairfield, Connecticut, has an estimated annual tax bill of $579,184. The estate is on the market, listed at $62 million.
Rounding out the top three is Charles Wang, the former CEO of Computer Associates and majority owner of the New York Islanders NHL team. The annual tax bill on his Nassau County estate, which has a market value of more than $36 million, is $564,666.
Property-tax values are a complex calculus and don't depend solely on a property's market value. Each town and municipality has its own complicated formula, which can vary from year to year.
While the taxes for the tri-state area's top 20 are high, they pale in comparison to California. According to PropertyShark, heiress Petra Ecclestone has a property-tax bill of more than $1 million on her 50,000-square-foot mansion in Los Angeles.
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Oracle Chief Larry Ellison's property-tax bill for his Woodside, California, estate is just under $800,000.